Highridge Costa’s Kulana Hale
A public-private partnership is the galvanizing force behind the development of Kulana Hale, a $130 million mixed-use and senior and multi-family affordable rental apartment community in Kapolei’s urban core.
Kulana Hale is located on a single three-acre block at 1020 Wakea Street, and includes two 13-story towers and a single-story commercial space. The first tower, or Phase 1, is strictly for seniors, and will have a total of 154 affordable apartments. The second tower, Phase 2, will have 143 affordable units for low- income families. Both towers will have ground floor retail space. The final Phase 3 will be a single story retail space that will serve both residents and the larger community. Every unit in each of the 100% affordable projects will maintain its affordable status got over 60 years.
The project offers studios, one, two, and three bedroom units for rent. To quality for a rental, residents must earn 60 percent or less of the area median income. Today, 60% AMI is the equivalent of a family of two making $57,840, or a family of four making $72,300. At today’s AMI, rent for a one-bedroom unit would be $1,355, while a three-bedroom would be $1,879.
“For over 25 years Highridge Costa has been creating quality new affordable senior and family housing in partnership with states throughout the U.S., including Hawaii. Kulana Hale will enrich the lives of future residents living with low and very low incomes, while being an asset that both the State of Hawaii and Highridge Costa will be proud of for years to come,” said Michael Costa, president and CEO of Highridge Costa.
Project amenities will include a community meeting room, picnic area, community workspace with high-speed internet access, and neighborhood serving retail on the ground floor. All units will come equipped with an oven, stove, microwave, and refrigerator. Phases 1 and 2 of Kulana Hale will be built to LEED equivalent standards and feature energy efficiency in design and operations, including a rooftop photovoltaic array to reduce energy consumption and minimize the project’s carbon footprint. As all utilities will be paid by the owner, residents will not be responsible for electricity and water costs.
Kulana Hale is being developed by Highridge Costa of Los Angeles and Coastal Rim Properties of Honolulu, with the help of the non-profit Hawaiian Community Development Board. The developers strongly emphasized that without the state’s funding via the Rental Housing Revolving Fund administered by the Hawaii Housing Finance and Development Corporation, Kulana Hale could not have been built.
“It’s been a long journey, and I would like to thank our partners, specifically, the Hawaii Housing Finance and Development Corporation and the Department of Planning and Permitting, for all their assistance in making this complex project possible. We would not be here without the help of our local government agencies and our community leaders,” said Coastal Rim Properties, Inc. president and owner Franco Mola.
“On behalf of myself and the entire Highridge Costa team, I would like to thank the myriad of contributors who came together to make this exciting community a reality. Such achievements areonlypossiblewhenindividualsand organizations across the private and public sectors are motivated to bring real change and improvement to the communities in which they live and work,” said Mohannad H. Mohanna, president and managing member of Highridge Costa Development.
Phase 1 is expected to be completed in April 2020, with Phase 2 projected for April 2021.